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Home My WebLink AboutR-19-0030City of Miami 1 i.RR cl Legislation alldl 1 l + try Resolution: R-19-0030 File Number: 5205 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: 1/10/2019 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI ("CITY") TO ISSUE TAX-EXEMPT AND/OR TAXABLE PARKING SYSTEM REVENUE BONDS IN ONE OR MORE SERIES PAYABLE FROM PARKING SYSTEM REVENUES OF THE CITY'S DEPARTMENT OF OFF-STREET PARKING A/K/A MIAMI PARKING AUTHORITY ("DEPARTMENT") INITIALLY IN AN EXPECTED NOT TO EXCEED TOTAL MAXIMUM PRINCIPAL AMOUNT OF TWENTY MILLION DOLLARS ($20,000,000.00) (COLLECTIVELY, "PARKING SYSTEM REVENUE BONDS") IN ORDER TO, AMONG OTHER THINGS, REIMBURSE THE DEPARTMENT FOR FUNDS ADVANCED BY THE DEPARTMENT FOR CERTAIN EXPENSES INCURRED WITH RESPECT TO CAPITAL PROJECTS BEING UNDERTAKEN AND TO BE UNDERTAKEN BY THE DEPARTMENT, ALL AS INDICATED IN EXHIBIT "A," ATTACHED AND INCORPORATED (COLLECTIVELY, "PROJECTS"); ESTABLISHING CERTAIN RELATED DEFINITIONS OF TERMS; AUTHORIZING CERTAIN FURTHER AND INCIDENTAL ACTIONS BY THE CITY MANAGER AND THE DEPARTMENT'S CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER, IN CONSULTATION WITH THE CITY ATTORNEY, BOND COUNSEL, DISCLOSURE COUNSEL, THE DEPARTMENT'S FINANCIAL ADVISOR, THE DEPARTMENT'S CHIEF FINANCIAL OFFICER, AND SUCH OTHER APPROPRIATE OFFICERS, EMPLOYEES, AND AGENTS OF THE DEPARTMENT AND CITY AS THE CITY MANAGER AND THE DEPARTMENT'S CHIEF EXECUTIVE OFFICER DEEM NECESSARY, ALL AS REQUIRED FOR PURPOSES OF SECTIONS 103 AND 141-150 OF THE U. S. INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND FOR COMPLIANCE THEREWITH; FURTHER AUTHORIZING RELATED AMENDMENTS TO THE DEPARTMENT'S MULTI-YEAR CAPITAL PLAN, AS NECESSARY. WHEREAS, United States Treasury Regulations §1.150-2 ("Reimbursement Regulations") prescribe conditions under which proceeds of tax-exempt bonds, notes, or other obligations ("Bonds") used to reimburse advances made for capital and certain other expenditures ("Original Expenditures") paid before the issuance of such Bonds will be deemed to be expended (or properly allocated to expenditures) for purposes of Sections 103 and 141- 150 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, as amended (collectively, "IRS Code"), upon such reimbursement so that the proceeds so used will no longer be subject to requirements or restrictions under those sections of the IRS Code; and WHEREAS, certain provisions of the Reimbursement Regulations require that there be a declaration of official intent not later than sixty (60) days following payment of the Original Expenditures expected to be reimbursed from proceeds of Bonds and that the reimbursement occur within certain prescribed time periods after the Original Expenditures are paid or after the property, resulting from that Original Expenditure, is placed in service; and City of Miami Page 1 of 4 File ID: 5205 (Revision:) Printed On: 211/2019 File ID: 5205 Enactment Number: R-19-0030 WHEREAS, the City of Miami ("City") is authorized pursuant to the Constitution and laws of the State of Florida, including without limitation, Chapter 166, Florida Statutes, and the Charter of the City of Miami, as amended ("Charter"), to own and to operate through the City's Department of Off -Street a/k/a Miami Parking Authority ("Department") facilities for the parking of motor vehicles, to operate such facilities as a proprietary function and an enterprise of the City, and to collect fees and charges for the use and services of such facilities; and WHEREAS, the City is also authorized pursuant to the Constitution and laws of the State of Florida and its Charter to issue tax-exempt and taxable revenue bonds to pay the costs of acquiring and constructing such facilities and to pledge to the payment thereof from the unpledged fees, charges, and revenues collected by the Department from time to time ("Parking System Revenues"); and WHEREAS, the Off -Street Parking Board of Directors created by the Charter ("Board") has reviewed at its November 7, 2018 meeting the ongoing and future capital projects needs of the Department and the City as indicated in Composite Exhibit "A," attached and incorporated (collectively, "Projects"), and has (a) recommended that it is the best interests of the City and the Department, (b) approved by its Resolution No. 18-05, attached and incorporated in Composite Exhibit "A," and (c) requested for consideration by the City Commission that the City and the Department declare their official intents (a) to reimburse the Department for expenditures advanced by the Department for the Projects from future tax-exempt parking revenue bonds as required by the IRS Code and (b) to have the option to determine in the future whether to issue any taxable parking revenue bonds which do not require compliance with the IRS Code but for which the Department could also be reimbursed for other expenditures ("Other Expenditures") advanced by the Department; and WHEREAS, the City Commission expects to provide for the issuance by the City of its tax-exempt and/or taxable parking system revenue bonds in one or more series payable from Parking System Revenues initially in an expected not to exceed total maximum principal amount of Twenty Million Dollars ($20,000,000.00) (collectively, "Parking System Revenue Bonds") in order to, among other things, reimburse the Department for funds advanced by the Department for certain expenses incurred with respect to the Projects; and WHEREAS, in connection with the Projects, the Department expects to make Original Expenditures and Other Expenditures that will be reimbursed from proceeds of the Parking System Revenue Bonds as will be set forth in the Department's Chief Executive Officer's and the City Manager's Memorandum, attached and incorporated in Composite Exhibit "A," and in the subsequent Memorandum for Reimbursable Funds Advanced from the Department's Chief Executive Officer (collectively, "Memoranda"); NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY MIAMI, FLORIDA: Section 1. Recitals and Findings. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as fully set forth in this Section. Section 2. Definitions. The following definitions apply to the terms used herein: "Reimbursement" or "Reimburse" means the restoration to the City or to the Department, as applicable, of money temporarily advanced from their respective funds and spent for Original Expenditures and for Other Expenditures before the issuance of the Parking System Revenue Bonds evidenced in writing by an allocation on the books and records of the City and/or of the City of Miami Page 2 of 4 File ID: 5205 (Revision:) Printed on: 2/1/2019 File ID: 5205 Enactment Number: R-19-0030 Department, as applicable, that show the use of the proceeds of the Parking System Revenue Bonds to restore the money advanced for the Original Expenditures and for Other Expenditures. "Reimbursement" or "Reimburse" generally does not include the refunding or retiring of Bonds previously issued and sold to, or borrowings from, unrelated entities. Section 3. Declaration of Official Intent. The City Commission hereby declares the City's official intent to issue the tax-exempt and/or taxable Parking System Revenue Bonds in the expected not to exceed total maximum principal amount of Twenty Million Dollars ($20,000,000.00) and (a) to the extent permissible under the IRS Code regarding the tax- exempt Parking System Revenue Bonds, use a portion of the tax-exempt Parking System Revenue Bonds to reimburse the City and the Department, as applicable, for funds advanced respectively, for Original Expenditures incurred and to be incurred with respect to the Projects and (b) to use a portion of the taxable Parking System Revenue Bonds to reimburse the City and the Department, as applicable, for funds advanced respectively for Other Expenses. This Resolution is intended as a declaration of official intent under United States Treasury Regulation § 1.150-2 as set forth in Composite Exhibit "A," attached and incorporated, and in the subsequent Memorandum. Section 4. Incidental Actions. The City Manager and the Department's Chief Executive Officer, in consultation with the City Attorney, Bond Counsel, Disclosure Counsel, the Department's Financial Advisor, the Department's Chief Financial Officer, and such other appropriate officers, employees, and agents of the City as the City Manager and the Department's Chief Executive Officer deem necessary, are hereby authorized to take such actions as may be necessary to carry out the purposes of this Resolution and the IRS Code and for compliance therewith. Section 5. Related Amendment of the Department's Multi -Year Capital Plan. The Multi - Year Capital Plan is amended (a) to include the Projects listed in Composite Exhibit "A," attached and incorporated, and for the associated financing(s) for the Department's contributions to Projects' funding through the Parking System Revenue Bonds as referenced in this Resolution with new project numbers to be determined by the Department's Chief Executive Officer and (b) to require that future reallocations of funding sources be presented to City Commission and the Board of Directors from time to time in connection with said financings for the Projects pursuant to the future required bond resolution(s) authorizing each particular series of Parking System Revenue Bonds. Section 6. Effective Date. This Resolution shall take effect immediately upon its adoption and signature of the Mayor.2 The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to, those prescribed by applicable City Charter and City Code provisions. 2 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. City of Miami Page 3 of 4 File ID: 5205 (Revision:) Printed on: 2/1/2019 File ID: 5205 APPROVED AS TO FORM AND CORRECTNESS: 1 i ria i "ndez, Cify Attor iey 12/2712018 Enactment Number: R-19-0030 City of Miami Page 4 of 4 File ID: 5205 (Revision:) Printed on: 2/1/2019